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[k1976]

https://hrexecutive.com/whats-driving-90-of-employers-to-plan-for-2024-layoffs/

 

[k1976]

What’s driving 90% of employers to plan for 2024 layoffs?​

ByTom Starner
November 17, 2023
Amid ongoing economic uncertainty, layoffs spread across industries in 2023, and a new report finds that the downsizing trend is expected to continue well into 2024.
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According to Randstad RiseSmart’s Global Severance report, nine in 10 employers surveyed expect to reduce their workforce size in the upcoming year, based on a survey of 400 HR and procurement professionals from around the globe, including in the U.S. While fears of a recession were often cited for this year’s reductions, those surveyed by Randstad instead pointed to another factor: talent surplus.

Lindsay Witcher, senior vice president at Randstad RiseSmart, says the biggest driver of the downsizing trend is high levels of over-hiring after the pandemic and Great Resignation subsided.

Over the last 18 months, business at many organizations has stabilized, she says, and with that, companies are now looking to reduce operating expenses—often through a reduction in headcount.

Other factors include incorporating AI and automation, “strategic evolutions” and increased merger and acquisition activity.

 

[k1976]

A full-circle employee experience​

Interestingly, the research pointed to a possible disconnect between leaders and employees when it comes to how layoffs are conducted.

What’s driving 90% of employers to plan for 2024 layoffs?​

ByTom Starner
November 17, 2023
Amid ongoing economic uncertainty, layoffs spread across industries in 2023, and a new report finds that the downsizing trend is expected to continue well into 2024.
- Advertisement -

According to Randstad RiseSmart’s Global Severance report, nine in 10 employers surveyed expect to reduce their workforce size in the upcoming year, based on a survey of 400 HR and procurement professionals from around the globe, including in the U.S. While fears of a recession were often cited for this year’s reductions, those surveyed by Randstad instead pointed to another factor: talent surplus.
Lindsay Witcher, senior vice president at Randstad RiseSmart, says the biggest driver of the downsizing trend is high levels of over-hiring after the pandemic and Great Resignation subsided. Over the last 18 months, business at many organizations has stabilized, she says, and with that, companies are now looking to reduce operating expenses—often through a reduction in headcount.
Other factors include incorporating AI and automation, “strategic evolutions” and increased merger and acquisition activity.

A full-circle employee experience​

Interestingly, the research pointed to a possible disconnect between leaders and employees when it comes to how layoffs are conducted.

Lindsay Witcher

For instance, 80% of HR and procurement professionals believe their company handles downsizing actions “very well,” yet Randstad RiseSmart found that just 25% of organizations in the U.S. offer severance packages to all exiting employees; only 28% of entry-level employees in the U.S. report having received this benefit after a layoff.

For employers planning layoffs in 2024, Witcher advises them to first consider redeployment or internal talent mobility; some employers, she notes, are reducing a workforce within one department yet still hiring in another.

“Getting a good cultural fit with [new] employees is not easy, so employers should invest more in the existing talent and upskill them to help them grow their careers within the business,” she says.

 

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“Getting a good cultural fit with [new] employees is not easy, so employers should invest more in the existing talent and upskill them to help them grow their careers within the business,” she says.


If layoffs are inevitable, it’s critical to ensure a fair, equitable exit—which, Witcher says, should involve transparent communication and meaningful severance packages.

“That strategy will ensure that the employee experience as they exit is as positive as it can be in a situation such as this, thereby reducing the negative impact for the organization—both in terms of remaining employees but also as a way to positively impact the employer brand,” Witcher says.

Providing meaningful career transition can also help on those fronts, she adds, noting that helping departing employees with their next career move isn’t just ethical—it’s a “strategic investment.”

When reductions are conducted well, the organization can create brand ambassadors while alleviating the impact on the remaining talent, who may have lost co-worker friends and now have increased workloads.
“Employers must prioritize the employee experience from entry to exit for long-term success,” she says.

To reduce the ongoing impact of layoffs in the long-term, Witcher notes, employers need to be strategic about creating an environment for AI and humans to thrive alongside one another while also thinking big picture in their hiring practices—particularly to avoid an oversupply of talent.
“Get ahead of a downsizing strategy,” she says, “by hiring more thoughtfully.”

 

[k1976]

https://www.techopedia.com/tech-layoffs-predictions

Tech Layoffs Predictions 2024: AI Begins to Flex Its Muscles​

Neil C. Hughes

Senior Tech Writer

|

Fact Checked by Linda Rosencrance
Last updated: 6 December, 2023

With most of 2023 behind us, we can reflect on a year defined by tech layoffs. We have seen more than 240,000 roles leaving the industry globally, with many tech giants shaving their workforce throughout the year.

Although there is an uncertain outlook for 2024, it’s not all doom and gloom; opportunities are also waiting on the horizon.

As business leaders debate whether artificial intelligence (AI) is a force for good on the job-seeking front or if it will bring the axe down on more careers, let’s dive in with some recent examples from Q4 before looking at the wider landscape.

 

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Spotify Wrapped Shows the Power of AI — While Cutting 1,500 Job​

Many companies are increasingly promoting the idea that the success of AI is not at the expense of jobs.

Spotify’s contrasting actions highlight a complex narrative in the tech industry’s relationship with AI and employment.

On the one hand, Spotify showcased the prowess of its AI with the annual Spotify Wrapped feature. This sophisticated algorithm-driven tool personalizes user experience and reflects their listening habits and preferences.

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The arguably creepy feature is part of a larger marketing strategy to demonstrate how AI can enhance user engagement and brand presence with initiatives like character archetypes and global listener connections.

However, mere days after flaunting this AI capability, Spotify announced a significant workforce reduction, cutting 17% of its staff. This decision, affecting around 1,500 employees, was a strategic move to streamline operations and manage financial challenges despite its recent profit.

The juxtaposition of celebrating advanced AI-driven features while simultaneously reducing the human workforce raises critical questions about the impact of AI and automation on jobs.

AI giveth, AI taketh — from an employment angle, it’s a Bittersweet Symphony.

 

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Dataminr Cuts 20% of Staff​

Dataminr has made significant workforce reductions, citing advancements in AI and operational changes as key factors. Dataminr, a big data startup valued at $4.1 billion, announced a 20% staff cut, amounting to around 150 employees.

This move aligns with the company’s focus on enhancing its AI platform, including integrating predictive and generative AI technologies. The layoffs are part of a strategic shift to strengthen Dataminr’s financial position and extend its cash runway despite its success in leveraging big data for real-time insights into global events.

Elsewhere, Wall Street giants such as Goldman Sachs have also found themselves compelled to undertake substantial job cuts as part of their strategies to control costs.

These layoffs appear to reflect a broader trend in the tech industry, where companies increasingly lean on AI and automation for efficiency and innovation, often resulting in reduced human workforce.

Klarna: Why Hire Dozens of People When One AI Can Do The Job?​

Klarna’s CEO, Sebastian Siemiatkowski, recently revealed a controversial strategic move by instituting a hiring freeze because he believes AI can do the jobs instead.

What sets Klarna’s approach apart is its commitment to refraining from layoffs and instead focusing on the potential of AI to handle tasks that once demanded significant human effort. Siemiatkowski envisions a future where Klarna becomes a “personal finance assistant,” leveraging consumer-facing AI features to revolutionize user experience and financial decision-making.

Siemiatkowski told The Telegraph:

“Things that previously took people a lot of time can be done much faster and much shorter, and we need fewer people to do the same thing. The right thing for us is just to say: ‘Let’s not recruit now, let’s see how this plays out’.”

While this shift towards AI promises undeniable advantages in terms of operational excellence and innovation, it raises pertinent concerns about the impact on employment and regulatory considerations.

As Klarna’s journey into AI-driven transformation unfolds, it serves as a compelling case study in the ongoing evolution of industries, guided by the ever-expanding capabilities of AI technology.

 

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Preparing for More Job Cuts in 2024​

Randstad RiseSmart’s Global Severance report suggests the global employment landscape is undergoing a significant transformation, with a staggering 96% of organizations already implementing some form of downsizing in the past year, underscoring the widespread impact of economic challenges and shifting business strategies.

Even more telling is the expectation that 92% of these employers are bracing for further headcount reductions as we approach 2024.

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Alarmingly, the survey reveals a critical gap in organizational preparedness; most of these companies appear to lack robust strategies or resources to support their employees effectively through these impending job cuts. This situation highlights the need for more comprehensive severance and transition plans and raises questions about the long-term implications for workforce morale and the broader socio-economic fabric.

The good news is while AI is enhancing efficiency in fields like software development and IT operations, it struggles with tasks requiring human intuition and manual dexterity. Interestingly, jobs least likely to be affected by AI are those rooted in human empathy and physical skills, such as healthcare, skilled trades, education, and creative professions.

Understandably, many are beginning to ask which careers are safe and which are at risk. But as AI matures, its role should be seen as more of a collaborator than a replacement. As Businesses increasingly leverage AI to enhance efficiency and human experiences, this technological embrace brings forth the critical challenge of maintaining ethical standards.

So, companies must invest in employee training for AI-related skills, ensuring a workforce that complements AI’s capabilities. This approach safeguards jobs and propels the workforce toward a more advanced, AI-empowered future where technology and human talent synergize for greater innovation and efficiency.

Upskilling into AI May Be One Answer​

In 2023, the global tech sector faced a paradox: a 50% increase in tech layoffs, resulting in over 240,000 job losses worldwide, coincided with significant investments in artificial intelligence (AI). This scenario highlighted a complex interplay between technological advancement and job insecurity, casting a shadow over the future of employment.

Despite these challenges, the US labor market showed resilience and adaptability, with a growing need for workers skilled in generative AI, as indicated by a notable increase in job postings mentioning “GenAI.” This trend suggests a shift towards a more AI-integrated job market, requiring professionals to adapt and acquire new skills to thrive in an evolving employment landscape.

 

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Gausling’s insights tap into the core challenges facing established tech companies and fledgling startups, illuminating the factors that dictate their survival, scalability, and employee retention strategies in this high-stakes environment.

Many tech startups scramble to get any funding they can, even on unfavorable borrowing terms. Those who succeed might survive today but cannot service the debt tomorrow. If your company’s unit economics aren’t already profitable, it’s a precarious situation.

While companies rigorously evaluate roles indispensable to their core operations versus those considered more peripheral, Gausling also emphasizes the heightened vulnerability of specific roles in these uncertain times.

“Staff who directly contribute to building, selling, or servicing the company’s core product are least likely to be laid off in 2024, while those in middle management and support roles are most vulnerable. But in new or experimental divisions outside the company’s bread and butter, even engineers and salespeople need to watch out.”

 

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“The tech space catalyzes worldwide change, innovation, and growth. The job market has been challenging the past couple of years, but the industry’s potential drives those to stay in the space and new talent to enter. The industry will only grow in 2024, and according to the data, enhancing your data skills and highlighting your managerial experiences will help you break through and move up.”

Curiosity as Currency: Why the New Tech Industry Values an Agile Mindset​

Martha Angle, VP of talent management and inclusion at OneStream Software, believes that the evolving tech industry demands adaptability and innovation from employers and job seekers.

Traditionally, technical roles often revolved around tightly defined job functions, leading to limited exposure to diverse technologies and projects. This specialization frequently meant not everyone had access to the latest technologies or the opportunity to work on exciting and innovative projects.

As a result, employees could find themselves pigeonholed in their roles, lacking the chance to explore broader horizons within the tech landscape. This limitation not only hindered individual career growth but also constrained organizations from tapping into the full potential of their workforce.

“The current shift toward a more flexible and adaptable approach in the tech industry is breaking down these historical barriers. Employers recognize the value of offering diverse opportunities and encouraging employees to stretch beyond their comfort zones, fostering a more dynamic and innovative work environment.

This transformation benefits job seekers and organizations, allowing for a more agile response to the ever-evolving demands of the tech sector.”

Conversely, job seekers must exhibit proactive curiosity and a genuine enthusiasm for learning and experimenting with new technologies.

“Relying solely on an MIS degree to demonstrate technical proficiency is no longer sufficient.”

Employers seek evidence of candidates exploring tech stacks beyond Java and Python or taking on independent projects to delve into languages like C-sharp or experiment with generative AI tools. Those who break free from their silos gain a competitive advantage.